Elevate Uranium Limited announced an initial JORC Inferred Mineral Resource Estimate ("MRE") of 20.3 million pounds ("Mlb") eU3O8 for its Koppies Uranium Project in Namibia. Exploration Strategy: The Company's exploration has been focussed on the detection and delineation of uranium mineralisation within palaeochannels. Ground and airborne electromagnetic ("EM") surveys have been used to map these palaeochannels by virtue of the fact that the palaeochannels are more conductive than the surrounding metamorphic rocks.

Palaeochannels were systematically drilled to confirm the interpretation of EM data and to detect mineralisation within them. Drillholes were typically halted after drilling 2 m of unmineralised metamorphic "basement" rocks at the base of the palaeochannels or when unmineralised metamorphic "basement" rocks were intersected immediately below the surface. As drilling at Koppies progressed, however, it became apparent that more and more holes in basement rocks were mineralised.

For this reason, some holes in the March/April 2022 drilling program were deepened and drilling extended beyond the palaeochannels. This change in approach recently lead to the discovery of a significant flat-lying body of uranium mineralisation centred 1.6 km east of Koppies I which currently extends over 1 km in a NE-SW direction and is 400 m wide. This body is open to the SW and to the NE and is between 2 and 16 m deep.

Most of the uranium is hosted by metasedimentary rock which makes this deposit unique in the Erongo district. The new basement-hosted discovery has not been included in the current MRE as further drilling is required to fully define its extent. Additional mineralisation may also be present underneath the currently defined palaeochannels, requiring additional deeper holes to overlap the holes previously drilled.

The recognition of this new type of target is significant as it cannot be detected by EM surveys and requires a different exploration approach. The geological team is currently reviewing all exploration data and planning future exploration programs including deeper drilling to delineate additional mineralised areas around the current resource and the new discovery. U-pgradeTM Metallurgical Compatibility: The Company completed metallurgical testing on uranium mineralisation within basement ore from the Marenica Uranium Project during development of the U-pgradeTM beneficiation process and confirmed the applicability of U-pgradeTM on the basement mineralisation from that project.

The Company expects U-pgradeTM to work on this `new' style of mineralisation at Koppies.